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Morgan Crucible reports record results for the year
BRITISH advanced materials group Morgan Crucible yesterday posted its strongest-ever results and said it expects an expansion in emerging markets in 2012 through its new high-margin thermal ceramic fibre products.
The FTSE 250-listed company said that revenues lifted from £1bn to £1.1bn while pre-tax profits surged 64 per cent to £111m for the year.
The company said it had made significant progress towards its target of doubling its underlying pre-tax profits by 2013, with revenue from China and India rising by 23 per cent.
Morgan Crucible had set a target of £150m in underlying pre-tax profits by 2013, and expected revenue from emerging markets to grow 10 per cent per year.
Shares in the firm closed up 8.3 per cent yesterday at 354p.